FAW Jiefang(SZ:000800) LIANCHU SECURITIES·2025-04-17 02:52Investment Rating - The report assigns an "Accumulate" rating for the company [6]. Core Views - The company, FAW Jiefang, is positioned as a leading brand in the Chinese commercial vehicle industry, with a comprehensive product matrix covering various market segments. It has achieved significant market share in multiple categories, including heavy-duty trucks, where it has maintained the top position for nine consecutive years [3][14]. - The company is expected to benefit from favorable government policies, including subsidies for vehicle replacements, which are anticipated to stimulate demand in the commercial vehicle market [9][34]. - FAW Jiefang has a robust international expansion strategy, aiming to increase its global sales significantly by 2030, with a focus on markets in Southeast Asia, Latin America, and Australia [4][9]. Summary by Sections Company Overview - FAW Jiefang has a rich history of over 70 years and is recognized as the most valuable brand in the commercial vehicle sector in China, with cumulative production exceeding 9 million vehicles [14][15]. - The company has a complete supply chain and production system, emphasizing research and development, which allows it to cover all market segments effectively [21][23]. Domestic Market Position - The company maintains a leading position in key market segments, with a sales target of 330,000 vehicles for 2025, marking a significant year for new product launches [3][36]. - The heavy-duty truck segment remains a traditional strength, with the company holding a leading market share [3][36]. International Market Growth - FAW Jiefang is accelerating its international market presence through the "SPRINT2030" strategy, aiming for global sales of over 500,000 vehicles by 2030, with 180,000 vehicles expected to be sold overseas [4][9]. New Energy Market - The company is actively expanding its new energy vehicle offerings, with sales doubling over the past two years and a projected rise in market share to the top three in the industry by 2024 [4][9][10]. - The "15333" strategy outlines a comprehensive approach to new energy vehicles, covering various technological routes [4][10]. Intelligent Connectivity Technology - FAW Jiefang is leading in intelligent connectivity technology, with multiple applications in various scenarios, supported by a "data + AI" cloud platform [5][10]. Financial Forecasts and Investment Recommendations - The company is expected to achieve revenues of CNY 642.78 billion, CNY 713.22 billion, and CNY 783.59 billion from 2025 to 2027, with corresponding growth rates of 9.7%, 11.0%, and 9.9% [10][34]. - The projected net profit for the same period is CNY 7.33 billion, CNY 11.68 billion, and CNY 14.57 billion, with growth rates of 17.7%, 59.3%, and 24.8% respectively [10][34].